Deduction of Interest on H.B.Loan from Gross Salary

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This query is : Resolved

MANOJ KUMAR SINHA (Querist)

19 December 2009 I am an employee of the Government of West Bengal. I was sanctioned House Building Loan in 1999. The Principal amount of the loan has been recovered from my salary in 100 (one hundred) equal monthly instalments; the last instalment being recovered from my salary for the month of October 2007. Since then, i.e. from the month of November 2007, interest accrued on my House Building Loan, as per the calculations made by the office of Accountant General (A&E), West Bengal, Kolkata – 700001, is being recovered from my salary at the same rate.
I have been told by the Drawing and Disbursing Officer/Accounts Officer of our office now that once the Principal amount has been recovered the Interest on account of House Building Loan, recovered from my salary every month in the current financial year shall not be deducted from my gross salary while calculating my TAXABLE INCOME.
Kindly let me know the fact.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

20 December 2009 Whatever Interest deducting on your Housing loan you can take benefit & will be refunded by IT Dept. if your taxable income is less then that.for itself you have to claim in return form.
As per I understood from your query, every employeers are always remains under u/s 80C only on other sections you have to claim while filling your IT Return.subject to max.upto 150000/-

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